The National Bank of Poland left its reference interest rate unchanged at 6.75%, despite inflation accelerating to 17.2% y/y in September.
According to historian Adam Tooze, we are currently potentially facing a “polycrisis”: a number of smaller to medium-sized crises in the world that have the potential to combine and reinforce each other.
Poland's Purchasing Managers' Index improved 2.1 points to 43 in September but still lingered below the 50-point mark separating contraction from growth.
The flash estimate will present the National Bank of Poland with the dilemma of whether to tighten monetary policy further at a time when the economy is already slowing markedly.
As the current rotating president of the European Union, Prague has convened a meeting of the long moribund EU Israel Association to try to boost EU links with the Jewish state.
The EU’s Fitfor55 efforts to reduce CO2 emissions by 55% by 2030 are woefully inadequate and unable to contain global warming to the 1.5°C target, with reductions of up to 77% needed instead to stand any chance of averting a climate catastrophe.
Government efforts to shield populations from the energy crisis and rampant inflation have shifted the economic impact to next year, says the EBRD as it downgrades GDP growth forecasts for 2023.
Warsaw fears sabotage of Nord Stream on same day Baltic Pipe opened was no coincidence.
The European Bank for Reconstruction and Development (EBRD) projects growth in its region will slow as a result of gas supply problems that are feeding an energy crisis. The bank says growth will slow to 2.3% in 2022 in its region and 3% in 2023.
The current increase in wholesale energy prices in Europe has prompted governments to try to shield consumers from the direct impact of an energy crisis that is sweeping the Continent and the rising prices that are costing hundreds of billions.
Obstacle to hopes is Russia’s ownership of 40% of world's uranium conversion infrastructure, vital to making nuclear fuel.
The third decline in a row for the eurozone PMI indicates that business activity has been contracting throughout the quarter. This confirms our view that a recession could have already started.
But the Hungarian strongman may struggle both to exploit the cost of living crisis and to unite Europe's resurgent radical right, particularly if the Russian-Ukraine war grinds on.
Demand is still poised to weaken in line with the overall economic slowdown.
Dozens of plants across a diverse range of industries such as steel, aluminium, fertilisers and the power industry have been forced to close up shop as sky-high gas and power prices make their businesses lossmaking.
In m/m terms, core inflation grew 0.8% in August versus 0.6% m/m in July.
Another inflation surge will come in early 2023 after new prices of electricity and heat will have taken effect.
Germany’s decision to take its nuclear power plants offline, coupled with production problems with France’s NPPs, saw the share of nuclear power in the OECD countries year to date fall to its lowest level ever, but solar boomed.
Like its neighbours, Poland is facing an energy crisis in 2023 because of the expected huge hikes in electricity and heat prices.
Global inflation was generally moderating when the pandemic began, and the downward trend continued into the early months of the crisis. But surging prices since late 2020 have pushed inflation higher than in all of the last five years combined.